Case Study: DitoBanx

DitoBanx Launches Crypto to Fiat MasterCard Powered by Qredo.

"Qredo Network has revolutionized the way we transact and exchange value securely. With their innovative blockchain technology and robust security measures, I feel confident in the privacy and integrity of our transactions. Qredo's seamless integration and user-friendly interface make it easy to navigate and leverage the power of decentralized finance. I highly recommend Qredo Network for anyone seeking a secure and efficient platform for their digital assets"

– Guillermo Contreras, CEO of Ditobanx

  • Ditobanx, the first Bitcoin fintech company, has a clear mission: to achieve financial inclusion in Latin America within the next 5 years. 

  • The company has now launched Dito Wallet, a digital wallet accompanied by a Mastercard prepaid card backed by Qredo's dMPC technology in June 2023. 

  • DitoBanx's partnership with Qredo ensures that every Dito Wallet is secured by Qredo's powerful dMPC technology. 

  • Dito Wallet is the only wallet in Latin America that can currently perform BTC-USDC swaps, thanks to Qredo technology.

Ditobanx’s story 

DitoBanx is considered the first bitcoin fintech company in existence. The company possesses a bitcoin services provider license issued by the Central Bank of El Salvador as well as a digital assets service provider license. Furthermore, it is supervised and approved by El Salvador's own Financial Superintendency. 

DitoBanx is run by a team of entrepreneurs, computer scientists, and technology innovators who have together funded and grown technology platforms across emerging markets. They have received backing from international VC companies including the Ark Fund in Mexico and investors across Europe. 

DitoBanx’s mission is to achieve true financial inclusivity in Latin America within the next five years. In June, the company launched an innovative product; Dito Wallet, a digital wallet paired with a Mastercard prepaid card which can be used to convert bitcoin to USDC for retail payments.  

The company aims to launch Dito Wallet in El Salvador and then roll it out out across all of Central America as well as the Dominican Republic, Colombia, and Mexico, along with its full product suite which includes digital wallets, payment processing services, bitcoin gift cards, credits, cash-in / cash-out services and the tokenization of digital assets.  

The immediately available conversion of BTC to USDC and transfer to a physical card that can be used at point-of-sale for retail customers is a powerful and effective way to make crypto more mainstream while giving traditionally underserved populations financial inclusion.

DitoBanx’s challenge

One of the pivotal challenges Ditobanx faced in offering their innovative product was finding the right provider to contribute to Dito Wallet’s core architecture. Ensuring the safety and integrity of their users' digital assets was the number one criterion.

The Qredo Solution 

After extensive research and evaluation, DitoBanx's recognized Qredo's solution as a new gold standard in secure digital asset storage and the ideal solution for El Salvador's digital asset ecosystem. 

Additionally, Qredo offers best-in-class support, insurance, and interoperability with other leading blockchains. The proximity and professionalism of the Qredo team also played a critical role in the decision-making process. These factors set Qredo apart from other custody solutions providers.

“The level of security Qredo offers puts the safety of our customers’ digital assets above all else. Qredo also provides Ditobanx with flexible governance solutions, seamless integration, support, insurance, and functionality across multiple blockchains, making it the ideal choice for Ditobanx's enterprise-grade digital asset custody solutions.” 

– Guillermo Contreras, CEO of Ditobanx

The Ditobanx and Qredo partnership

Upon selection, Qredo moved quickly to work closely with DitoBanx's team throughout the onboarding process.  The development and testing phase took eight weeks, followed by a production deployment of four weeks. Within just three months, the integration was up and running, allowing DitoBanx to successfully launch Dito Wallet in El Salvador. 

"Together, we are unlocking new opportunities for financial inclusion and revolutionizing the way digital assets are stored, secured, governed, and settled in the region. What excites me the most about this partnership is that Ditobanx has abstracted away the volatility of BTC for the financially disenfranchised and granted them a Mastercard fintech account to empower their financial future. This represents a huge milestone for bitcoin adoption as legal tender." 

– Francisco Montenegro, Qredo Country Manager in El Salvador

DitoBanx leverages Qredo's secure Vaults and Web3 Wallet technology to provide a secure and efficient digital wallet service. Every Dito Wallet user has associated underlying Vaults and Web3 Wallets protected by Qredo's dMPC security technology.  

Through the deployment of several Signing Agents, Ditobanx users are able to perform instant internal transfers at no cost as well as take part in transparent, secure interactions with external blockchains. The Signing Agents can also be set up with programmatic logic to govern transactions, allowing for automatic approval of smaller transactions with manual approval over larger amounts. This makes it easier to comply with and adapt to different AML regulations.

Dito Wallet is accessible to users through a simple app downloadable from major app stores. The registration process is swift, granting users an instant virtual Mastercard digital prepaid card, and they can also request a physical card through the app.  

With Dito Wallet, users can send and receive payments in USDC, and bitcoin worldwide. Funds can be used to top up a Mastercard for use anywhere globally. Additionally, Ditobanx enables users to request fiat withdrawals or deposits using their traditional bank accounts.

Dito Wallet takes off in Latin America

The Qredo integration has proven to be a game-changer for DitoBanx. Users can open a Dito Wallet in less than five minutes, which has helped to significantly boost Ditobanx’s userbase and transaction volume. 

Ditobanx’s partnership with Qredo has allowed them to offer a retail product with institutional-grade security to their customers. With the safety of digital assets being the number one priority, Dito Wallet now ranks among the best crypto wallets in all of Latin America.

“The outcomes have surpassed expectations. Qredo has joined us in our mission, building a world where any person can unlock their full potential through financial inclusion."

– Guillermo Contreras, CEO of Ditobanx

The road ahead for Ditobanx and Qredo 

As DitoBanx continues to grow and expand its reach, its partnership with Qredo remains a critical component of its success. The security, flexibility, and support offered by Qredo's platform enable DitoBanx to continue offering its highly secure and much needed digital wallet service to the financially underserved population of Latin America. 

The success of this partnership serves as an inspiration for other fintech companies and a beacon of hope for the future for those who still lack access to basic financial services. Together, DitoBanx and Qredo are creating a world where financial inclusivity is not just a goal, but a living reality. 

Get in touch

For secure and flexibly managed digital asset self-custody, get in touch with our team at Qredo today.